Charlotte Mortgages

100% financing is available upto $417,000 for Charlotte, NC!

Myers Park Mortgage is still offering 100% fianancing in the Charlotte Market.  Many have discontinued all 100% financing products and most lenders are only offering 95% financing now.  Although the market has changed, there are still 100% financing options available to well-qualified buyers.The 100% options we offer are for fixed rate loans.  These loans have no pre-payment penalties and no hidden costs.  We can provide you an accurate Good Faith Estimate of all settlement costs free of charge!  Call Olan Carder today at 980-721-7478 if you are interested in learning more about 100% financing options for homes in the Charlotte Metro Area.  

Charlotte Mortgage Rates get worse today and investors lose PMI altogether!

The loss of PMI for investors mean that going forward buying an investment property will require a 20% minimum down payment.  90% financing was still available but without the mortgage insurance the loan doesn’t exist.

Mortgage rates worsened again today.  I think there are many buyers out there that think rates are dropping and they should wait… NOT TRUE.  Rates have been getting worse for over a week now, and show no signs of turning around.  I am puzzled at what is driving the bond market right now other than investors don’t want to touch anything with the word “mortgage” in it.

Normally a “flight to quality” would mean investors sell their stocks and buy bonds.  Right now investors don’t have any more confidence in mortgage bonds than they do in stocks.  I think it’s a little nuts because with Uncle Sam backing Fannie and Freddie, mortgage bonds offered by those two are almost risk free.

HUD’s Good Neighbor Next Door Program allows Charlotte’s Police Officers, Teachers and Firefighters/EMT’s to buy homes at HUGE discounts!

If you are a Law Enforcement Officer, Teacher, Firefighter or EMT you might qualify to buy a house for half price!  That’s right, I said HALF PRICE!!  Let me explain how this wonderful program works…

#1.  Give me a call to get pre-qualified within minutes!

#2.  We notify your Realtor about the program and they pull the list of available homes in your area.

#3.  You find a home you like and submit an offer.

#4.  You only have to finance 1/2 the price of the home + Realtor comission and closing costs.  You can pay the commission and costs out of pocket of course, but no one does.

#5.  You live in the home for at least 3 years.

#6.  You only owe about 1/2 what your home is worth and its all yours!!

If you have $100 you have enough cash to buy a house!  The U.S. government has decided to help you because of the honorable and vital career you have chosen… don’t miss out on this great offer!! 

Call Olan Carder today at 980-721-7478 for a complimentary pre-qualification.   As a HUD approved direct lender, we can have your loan pre-approved in minutes!

Charlotte, NC is one of the safest places in the U.S. to buy a home and banks are still making new loans!

My clients keep calling me asking if they are still closing!!  The answer is a resounding YES!  I have not heard of ANY Charlotte NC mortgage lenders that have stopped funding their loans.  That doesn’t mean that it is not happening and we all know of the many lenders that have shut their doors, but there are plenty of local lenders that are going strong!

IF you would like to move to Charlotte, or you live here and want to own a home… DO NOT hesitate because of what’s in the news!  Rates are low (around 6.00% for 30 Year Fixed) and buying a home has not become very difficult.  You can still get an FHA loan with only 3% down payment.  The House Charlotte program is still getting folks in the door with zero down.  VA loans are available for veterans and offer zero down payment upto $417,000. 

The Charlotte housing market is strong.  Prices have not been dropping and a recent PMI study showed this market poses almost no risk of price decline in the near future. 

CALL ME TODAY at 980-721-7478 for….

• Complimentary Pre-Approval
• Credit Review
• Market Rates and Quotes
• Information about first time homebuyer programs!

Charlotte residents can use FHA financing to escape risky ARM loans even without equity and avoid foreclosure!!

ARM (adjustable rate mortgage) loans have many homeowners nervous.  These loans were used to get into homes that might have not been affordable with a fixed rate at the time, and the up front rate and payments were very low.  The problem is that many of these loans are ready to ADJUST and payments will jump up several hundred dollars over night.

In years past this wasn’t a huge problem because there were so many lenders willing to refinance these loans and property values were soaring upward.  Today with some neighborhoods flat or even lower in value and with lenders scared of their own shadows because of rapidly increasing foreclosures… homeowners are left with no options.  In steps FHA!

FHA will allow us to refinance the first mortgage up to 95% of the appraised value regardless of the amount owed on the 2nd mortgage, as long as the 2nd lender agrees to stay the second lender.  That means if you borrowed 100% with an 80/20 loan 2 years ago and your property has not increased in value, we still might be able to refinance your loan to a fixed rate!!!

Example:

Old Loan
$200,000 house price
$160,000 first mortgage at 9% ($1287)
$40,000 2nd mortgage at 13% ($442)
Total Payment = $1729.00

FHA Refinance
$165,000 New first mortgage (based on $200,000 appraisal value) at 6.5% ($1,043)
$40,000 2nd mortgage at 13% (442)
Total Payment = $1,560 (includes $75.62 for FHA mortgage insurance)

Net result = Homeowners saves $169 per month and gets a fixed rate!  No more worries over the next rate adjustment.  The borrower now owes 102.5% of what the house is worth, but might actually be able to keep the house long enough to see the value turn around!

Is it better for a borrower to owe 100% and lose the house, or owe over 100% but be in a position to afford to keep it?  I think most folks would rather keep it than have a foreclosure… don’t you?

Myers Park Mortgage is a HUD approved lender that offers FHA and VA (Veteran) loans, conventional and Jumbo loans for Charlotte area real estate.  We lend in NC, SC, TN, VA, GA, and IN, but specialize in the Charlotte Metro. (Lake Norman, Concord, Harrisburg, Matthews, Mint Hill, Pineville, Monroe, Fort Mill, Lake Wylie, Gastonia)

Call today for a FREE Pre-Approval at 980-721-7478 or APPLY ONLINE.